The 'antique pencil sketch' doesn't appear to be all that 'antique', the style of drawing isn't Tolkien's, let alone typical of his early work, nor is it his signature. Isn't it amazing how much is being found when clearing houses! As for the latest non-signature, it's a less than half-hearted attempt.

(sorry - didn't realize the address was so long. It might be betterto go to abe and search for Tolkien and Bayntun)

The signature looks ok to me - if it were not, it certainly isn't one of the latest batch of bad forgeries. I've seen this set beforeI think; years ago. Come to think of it, I'm not sure if Bayntuns are still going. They are(or were) a firm of high repute. Their work is first class.